Apple Card’s new Savings features: What it is and who it’s good for


Best known for its line of high-end devices, such as MacBooks, iPhones, iPads, and other gadgets, Apple launched the Apple Card in August 2019. Twelve million Apple Card users earned over $1 billion cash back on daily purchases in 2023. Now, users have another great feature: a high-yield savings account. 

All rates and fees are current as of April 23, 2024, and are subject to change. 

Apple Savings






Apple Card cash back Up to 3% on daily purchases
Savings accounts: Open with as little as $0
Top savings rate annual percentage yield (APY): Earn up to 4.50% APY


Apple rates and products

Right now, your banking options with Apple are limited. However, its high-yield savings account offers an attractive rate of 4.5% APY. 

Savings accounts

Apple’s new Savings account is gaining a lot of buzz—and for good reason. As a high-yield savings account, it offers an impressive APY of 4.50%, a rate that is significantly higher than that of standard savings accounts.

While 4.5% is a great rate, it isn’t the highest offered. Additionally, these rates aren’t available to Android users as you must have an Apple Card to have a Savings account. Check out our list of current high-yield savings accounts for alternative options. 

Apple savings rates compared to current top rates*

While Apple is a great option, there are some institutions that offer higher interest rates. Compare the rates above to this list of competitors:

How does Apple Card work?

To use an Apple Card, you must have an iPhone or iPad where the card can be added to your Apple Wallet. You also won’t get a physical card in the mail unless you specifically request a titanium one; otherwise, it lives in your digital wallet. 

You’ll earn cash back, called Daily Cash back, on every purchase you make; 3% with select retailers, such as Apple and T-Mobile, and 2% cash back when using the Apple Card with Apple Pay. If a merchant doesn’t accept Apple Pay, you’ll earn 1% cash back instead. 

You can then deposit your Daily Cash into a Savings account or an Apple Cash card. If you have neither, you can also receive a statement credit instead. 

Other services Apple offers 

  • Apple Pay: Using your Wallet, pay using any stored card at retailers in person, in an app, or online, provided they accept Apple Pay. It’s a contactless payment method that takes a few taps.
  • Apple Cash: Send and receive cash using iMessage with funds stored in your Wallet app.
  • Apple Pay Later: Similar to Klarna or Affirm, Apple Pay Later is a new pay-in-four option to split your purchases over time. You can use it on any iPhone or iPad transactions between $75 and $1,000 to pay for your purchase over six weeks.
  • Online banking: Apple is a bit different than your standard online bank or credit union. All your Apple Card and Apple Savings transactions are handled via the Wallet app on your iPhone or iPad. Additionally, you can access your account details via a web browser.

The Apple platform and customer support 

Apple’s platform is easy to use and understand thanks to its simple user interface (UI). To access support for Apple’s financial services, contact them by phone or through Messages in your Wallet. Depending on your inquiry, you may be referred to Goldman Sachs, which is the issuing bank for Apple Card and Apple Savings accounts.

Is Apple secure?

Apple responds to any vulnerabilities relatively quickly, such as the patch updates released in August 2022 that addressed issues with its Apple smart watches which were making them vulnerable to hackers. While it doesn’t have any security issues specific to its banking products in particular, its issuing bank, Goldman Sachs, has had some issues in the past. For example, in September 2023, the United States Securities and Exchange Commission (SEC) fined it $6 million for a breach of its communications policy that took place over a 10-year period.

Apple user reviews

Customers appreciate the ability to finance their Apple purchases over time without interest and enjoy earning up to 3% cash back on their purchases. However, users caution that it might not be as useful to someone who isn’t enmeshed in everything Apple, and suggest there are better alternatives for those with different spending needs. 

Compare Apple alternatives

Is Apple right for you?

If you’re an Apple enthusiast, an Apple Savings account and Apple Card might be right for simple, everyday spending. However, if you’re looking to keep all your banking with one institution, you’re better off looking elsewhere for an institution that has checking, savings, credit cards, loans, and brokerage account options. 

Frequently asked questions

Is Apple Card a hard card to get?

The score used by Apple Card is the FICO Score 9, ranging from 300 to 850. If your score is above 660, you’re likely to get approved.

Is an Apple Card an actual credit card? 

When approved for an Apple Card, your ‘card’ is digital and gets added to the Wallet that lives on your iPhone or iPad. You can request a physical titanium card, but this must be done manually.

What is the maximum limit on an Apple Card?

Apple doesn’t disclose its credit limits, however, Reddit forum answers vary. Some say their limit is as high as $82,000—but take that with a grain of salt. Any interested customers should contact Apple directly for further details. 



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